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High insurance costs or more FUD...

Discussion in 'Model 3' started by gtmotor, Aug 26, 2018.

?

How much do you pay for insurance per month?

  1. <$100

    67 vote(s)
    48.9%
  2. $100-200

    59 vote(s)
    43.1%
  3. $200-300

    5 vote(s)
    3.6%
  4. >$300

    6 vote(s)
    4.4%
  1. gtmotor

    gtmotor Member

    Joined:
    Apr 8, 2018
    Messages:
    192
    Location:
    Arizona
    This article popped up on my phone:

    Tesla's affordable Model 3 is expensive to insure

    The average insurance cost for a Model 3 is $2814/year or $234.50/month?! I don't even pay that much for all four of our cars!

    My Model 3 is currently the cheapest car I own to insure... only $65/month for full coverage. Our other cars are a 2017 JCW MINI (most expensive), 2013 Toyota Land Cruiser (close second behind the MINI), and a 2007 Lotus Exige (I keep collectors insurance on this, so not really comparable).

    I'm 35, married, clean driving record.

    So... is the article misleading or do I just have it really good?
     
    • Like x 6
  2. wbhokie

    wbhokie Member

    Joined:
    Sep 7, 2016
    Messages:
    587
    Location:
    Woodbridge, VA
    No way... total FUD. Neither our Model S or Model X are anywhere close to that.
     
    • Like x 3
  3. Snow Drift

    Snow Drift Slip Start: [Activated]

    Joined:
    Feb 10, 2016
    Messages:
    1,102
    Location:
    Long Island
    #3 Snow Drift, Aug 26, 2018
    Last edited: Aug 26, 2018
    It doesn’t really matter how much we pay, since everyone’s policy, discounts and record is different. It’s more important how it compares to other cars for the same person.

    The point is that the Model 3 does NOT have excessive rates.

    State Farm quoted my Model 3 LRD only $88/year more than my XV Crosstrek Hybrid, which was only $30k new.
     
    • Like x 1
  4. Wubbles

    Wubbles Member

    Joined:
    Jul 26, 2018
    Messages:
    93
    Location:
    NJ
    Definitely FUD. I have a 2007 Eclipse with 145K+ miles on it and I pay $1200 per year for insurance. My AWD Model 3? $1351 per year. And that's with a minor traffic violation on my record from last year.
     
  5. gambit48

    gambit48 Member

    Joined:
    Aug 1, 2017
    Messages:
    841
    Location:
    NorCal
    For 6 months, it's within $3 or so of a 2018 BMW I bought about a month later that has a MSRP that's nearly identical (I can't remember which one is higher). Both are about $30 more, over 6 months, than a 6 yr old minivan I have. If you split it monthly, it's not even $50/mo for each car. I believe it's $250/500k with a $500/$1000 deductible so not like bare minimum either. And I'm in freaking expensive as hell California. It's through Costco.
     
  6. MacGreiner

    Joined:
    Oct 12, 2016
    Messages:
    636
    Location:
    MD
    Let's not give Niedermeyer, the author, any greater forum by pushing hits to his articles - total FUD.
     
    • Like x 4
  7. bigroccrek

    bigroccrek Member

    Joined:
    Jul 27, 2018
    Messages:
    126
    Location:
    Pearblossom, CA
    I just got a quote from AAA in SoCal and the insurance will be $2000/year. More than double my 2014 Jeep Wrangler Unlimited (652/yr), 2007 GMC Sierra Diesel Truck (588/yr), and wife's 2013 Hyundai Santa Fe (623/yr). Same coverage on all cars. Need to look for a new insurance company!
     
  8. trm2

    trm2 Member

    Joined:
    Apr 3, 2016
    Messages:
    385
    Location:
    CLE
    This report is probably true and has the prices correct. That said, they sampled 150 of the 42,000 or so zip codes in the US, so not really relevant to most people.
     
  9. McFlurri

    McFlurri Member

    Joined:
    Apr 27, 2016
    Messages:
    750
    Location:
    Kitchener, Ontario
    Ya.. BS.

    I pay the same as i did for my 2012 Ford Fusion (and i have way better coverage now too)
     
  10. mspohr

    mspohr Active Member

    Joined:
    Jul 27, 2014
    Messages:
    4,527
    Location:
    California
    AAA is very expensive. I went from AAA at $3000+/yr (two cars) to about half that.
    It pays to shop around.
     
    • Like x 2
  11. bigroccrek

    bigroccrek Member

    Joined:
    Jul 27, 2018
    Messages:
    126
    Location:
    Pearblossom, CA
    What company did you switch to?
     
  12. KenF

    KenF Member

    Joined:
    Apr 3, 2016
    Messages:
    248
    Location:
    Washington, DC
    #12 KenF, Aug 26, 2018
    Last edited: Aug 26, 2018
    On my USAA account with three cars and a homeowners insurance discount, replacing my oldest car (a Civic) with the Model 3 AWD cost an extra $200 (a total of ~$560) per 6 months.

    This is with near max coverage ($2M injury liability, a $250 deductible on collisions, a $100 deductible on other than collisions, and car replacement assistance of + 20%).
     
  13. Raechris

    Raechris Member

    Joined:
    Nov 21, 2017
    Messages:
    263
    Location:
    Boston
    Fake news - my 17 MS75D with 250/500k across the board and gap insurance is 920/yr in MA with clean record. Only 125 more than my three year old Volt (adjusted for gap premium)
     
  14. gilscales

    gilscales Member

    Joined:
    Jul 16, 2016
    Messages:
    720
    Location:
    Long Beach, CA
    Ours is about the same we were paying for a 2014 535d and cost of the Bmw was about 3k more than the model 3 so right in line with other 55 to 60k cars
     
  15. novox77

    novox77 1.21 Gigawatts

    Joined:
    Nov 25, 2017
    Messages:
    998
    Location:
    NH, MA
    $349.23 for 6 months. ~$700/yr. State Farm
     
    • Like x 1
  16. Tex EV

    Tex EV Member

    Joined:
    Jul 20, 2015
    Messages:
    178
    Location:
    Houston, TX
    Amica gave me a quote of +$2537.76/year to replace my Roadster with a Model 3 Performance. Roadster is currently $750/year....
    But for what it's worth, they didn't have the Model 3 Performance in their database and I don't have a VIN yet. They mentioned the number would change once I had a VIN. We shall see.
     
  17. KenF

    KenF Member

    Joined:
    Apr 3, 2016
    Messages:
    248
    Location:
    Washington, DC
    #17 KenF, Aug 26, 2018
    Last edited: Aug 26, 2018
    Looks like it is time to change insurance companies. That is insane.
     
    • Like x 2
  18. ℬête Noire

    ℬête Noire Active Member

    Joined:
    Jan 30, 2018
    Messages:
    2,868
    Location:
    TX
    #18 ℬête Noire, Aug 26, 2018
    Last edited: Aug 26, 2018
    It sure smells like FUD to me. I'm at just over $100/month (about $630 every 6 months) for an LR AWD with $100K/$300K coverage.

    What appears to be true, though, is the importance in shoping around because you'll see more variance between underwriters than you do with other vehicles.

    EDIT: Reading a little further down the article:

    Setting aside the question of whatever they are doing with the numbers to get averages >$2K on those other cars, and that they're choosing to express the Model 3 as a range but then averages for those others (and which 150 zip codes, chosen how?):

    So the $49K+ Model 3 insurance is somewhat in the ballpark of those two vehicle? So where does this Porsche comparison earlier in the article come in?

    Yeah, it's not adding up here.
     
  19. barjohn

    barjohn Member

    Joined:
    Sep 23, 2017
    Messages:
    523
    Location:
    Riverside, CA
    I'm just over $100/mo ($645 every 6 months) and that is for $500k/$1,000,000 with a $250 deductible with USAA for my LR model 3. Less than I paid for my Mercedes C class @ $879 for 6 months.
     
  20. eSpiritIV

    eSpiritIV Member

    Joined:
    Mar 24, 2016
    Messages:
    438
    Location:
    Portland, OR
    Its complete FUD. Neidermeyer wrote that article and if you read it he says some people pay as much as a porsche 911. Ya probably people with a ton of tickets.
     
    • Like x 1
    • Funny x 1

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